Banks

Banks is positioned among the lower quartile of areas assessed nationally for population growth based on AreaSearch's assessment of recent, and medium term trends

Based on AreaSearch's analysis, Banks' population is around 5,013 as of Nov 2025. This reflects a decrease of 87 people since the 2021 Census, which reported a population of 5,100 people. The change is inferred from the estimated resident population of 5,008 in Jun 2024 and an additional 3 validated new addresses since the Census date. This level of population equates to a density ratio of 2,228 persons per square kilometer, above the average seen across national locations assessed by AreaSearch. While Banks experienced a 1.7% decline since census, the SA3 area achieved 0.2% growth, highlighting divergent population trends. Population growth was primarily driven by natural growth contributing approximately 82.2% of overall population gains during recent periods.

AreaSearch is adopting ABS/Geoscience Australia projections for each SA2 area, released in 2024 with a base year of 2022. For areas not covered and years post-2032, age group growth rates from the ACT Government's SA2 area projections are adopted, using 2022 as a base. Considering these projections, over this period, Banks' population is expected to decline by 265 persons by 2041. However, specific age cohorts like the 65-74 group are projected to grow, with an increase of 73 people anticipated.

The level of residential development activity in Banks is very low in comparison to the average area assessed nationally by AreaSearch

Banks has averaged approximately one new dwelling approval per year. Over the past five financial years, from FY21 to FY25, 6 homes were approved, with an additional 1 approved so far in FY26.

The area's population decline has been accompanied by adequate development activity relative to its size, which is beneficial for buyers. New properties are constructed at an average expected construction cost of $284,000. Compared to the Australian Capital Territory, Banks has significantly less development activity, 90.0% below the regional average per person. This scarcity typically strengthens demand and prices for existing properties, reflecting the area's established nature and suggesting potential planning limitations. Recent development has consisted entirely of detached houses, preserving the area's suburban character and attracting space-seeking buyers.

This preference for detached housing is more pronounced than current patterns suggest (79.0% at Census), indicating ongoing robust demand for family homes. With around 5017 people per dwelling approval, Banks reflects a highly mature market. Given stable or declining population forecasts, the area may experience less housing pressure in the future, creating favourable conditions for buyers.

Banks has emerging levels of nearby infrastructure activity, ranking in the 22ndth percentile nationally

AreaSearch has identified zero projects that could impact the area's performance. Key projects include Southquay Greenway Stage 2 - Block 1 Section 80 Public Housing, Lanyon Marketplace Improvements, Monaro Highway Safety Upgrades, and Big Canberra Battery (Williamsdale BESS).

Professional plan users can use the search below to filter and access additional projects.

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Employment conditions in Banks remain below the national average according to AreaSearch analysis

Banks has a skilled workforce with significant representation in essential services sectors. Its unemployment rate is 4.2%, indicating relative stability over the past year.

As of September 2025, there are 3,016 employed residents, with an unemployment rate of 4.8%. This is higher than the Australian Capital Territory's (ACT) rate of 3.6%. Workforce participation in Banks is 77.2%, compared to ACT's 69.6%. Major employment industries include public administration & safety, health care & social assistance, and construction.

Construction is particularly strong, with an employment share 1.5 times the regional level. However, professional & technical services employ only 6.4% of local workers, lower than ACT's 11.1%. Over the year to September 2025, Banks' employment increased by 0.2%, while labour force grew by 0.8%, leading to a rise in unemployment rate by 0.5 percentage points. In contrast, ACT recorded employment growth of 1.4% and a fall in unemployment rate by 0.2 percentage points. As of 25-Nov-25, ACT's year-on-year employment growth is 1.19%, with an unemployment rate of 4.5%. National forecasts from May-25 project total employment growth of 6.6% over five years and 13.7% over ten years. Applying these projections to Banks' industry mix suggests local employment could grow by 6.1% in five years and 12.6% in ten years, though this is a simplified extrapolation for illustrative purposes only.

The economic profile demonstrates exceptional strength, placing the area among the top 10% nationally based on comprehensive AreaSearch income analysis

The Banks SA2 had an above-average national income level according to AreaSearch aggregated ATO data for financial year 2022. Its median income among taxpayers was $68,593 and the average income stood at $75,485. This compares with figures for Australian Capital Territory's of $68,678 and $83,634 respectively. Based on Wage Price Index growth of 13.6% since financial year 2022, current estimates would be approximately $77,922 (median) and $85,751 (average) as of September 2025. According to the 2021 Census figures, household, family and personal incomes all ranked highly in Banks, between the 88th and 89th percentiles nationally. The earnings profile showed that 37.0% of individuals earned between $1,500 and 2,999 per week, mirroring the metropolitan region where 34.3% occupied this bracket. This area demonstrated considerable affluence with 37.0% earning over $3,000 per week, supporting premium retail and service offerings. Housing accounted for 14.6% of income while strong earnings ranked residents within the 88th percentile for disposable income. The area's SEIFA income ranking placed it in the 6th decile.

Banks is characterized by a predominantly suburban housing profile, with ownership patterns similar to the broader region

Dwelling structure in Banks, as evaluated at the latest Census, comprised 79.1% houses and 21.0% other dwellings. In comparison, Australian Capital Territory had 79.6% houses and 20.4% other dwellings. Home ownership in Banks was 21.9%, with mortgaged dwellings at 60.0% and rented dwellings at 18.1%. The median monthly mortgage repayment was $2,000, aligning with Australian Capital Territory's average. Median weekly rent in Banks was $424, compared to Australian Capital Territory's $425. Nationally, Banks' mortgage repayments were higher than the Australian average of $1,863, while rents were substantially above the national figure of $375.

Banks features high concentrations of family households, with a higher-than-average median household size

Family households account for 78.8% of all households, including 41.0% couples with children, 23.4% couples without children, and 14.1% single parent families. Non-family households make up the remaining 21.2%, with lone person households at 19.8% and group households comprising 1.4%. The median household size is 2.8 people, larger than the Australian Capital Territory average of 2.6.

The educational profile of Banks exceeds national averages, with above-average qualification levels and academic performance metrics

The area's university qualification rate is 22.9%, significantly lower than the SA4 region average of 46.8%. Bachelor degrees are most common at 15.3%, followed by postgraduate qualifications (4.5%) and graduate diplomas (3.1%). Vocational credentials are held by 38.8% of residents aged 15+, with advanced diplomas at 12.3% and certificates at 26.5%. Educational participation is high, with 30.5% of residents currently enrolled in formal education.

This includes 10.8% in primary education, 8.8% in secondary education, and 3.6% pursuing tertiary education.

Transport servicing is moderate compared to other areas nationally based on assessment of service frequency, route connectivity and accessibility

Transport analysis shows 28 active transport stops operating in Banks. These are a mix of buses serving 4 routes. They provide 391 weekly passenger trips collectively.

Transport accessibility is excellent with residents typically located 151 meters from the nearest stop. Service frequency averages 55 trips per day across all routes, equating to approximately 13 weekly trips per individual stop.

Banks's residents are relatively healthy in comparison to broader Australia with the level of common health conditions among the general population somewhat typical, though higher than the nation's average among older cohorts

Banks's health metrics are close to national benchmarks, with common health conditions among its residents somewhat typical of the general population.

However, they are higher than the national average among older cohorts. The rate of private health cover is very high at approximately 57% of the total population (~2,862 people). The most common medical conditions in the area are mental health issues and asthma, impacting 10.3 and 8.7% of residents respectively. 68.7% of residents declare themselves completely clear of medical ailments compared to 66.1% across Australian Capital Territory. The area has 10.8% of residents aged 65 and over (540 people), which is lower than the 17.6% in Australian Capital Territory. Health outcomes among seniors present some challenges, requiring more attention than the broader population.

In terms of cultural diversity, Banks records figures broadly comparable to the national average, as found in AreaSearch's assessment of a number of language and cultural background related metrics

Banks has a cultural diversity level above average, with 18.6% of its population born overseas and 15.3% speaking a language other than English at home. Christianity is the predominant religion in Banks, accounting for 45.9% of the population. Notably, Judaism is overrepresented in Banks at 0.2%, compared to the Australian Capital Territory's average of 0.1%.

In terms of ancestry, Australians make up 28.0%, English 26.1%, and Other groups 9.6% of Banks' population. Some ethnic groups show notable differences: Spanish is overrepresented at 1.1% in Banks compared to the regional average of 0.7%, Polish at 1.1% versus 0.8%, and Croatian at 1.1% against a regional average of 0.8%.

Banks's population is younger than the national pattern

The median age in Banks is 35 years, matching the Australian Capital Territory figure but slightly lower than Australia's 38 years. Compared to the Australian Capital Territory, Banks has a higher proportion of residents aged 45-54 (14.2%) but fewer residents aged 25-34 (14.4%). Between the 2021 Census and present, the population aged 65 to 74 has increased from 5.3% to 6.7%. Conversely, the proportion of residents aged 5 to 14 has decreased from 15.0% to 13.8%, and the 45 to 54 age group has dropped from 15.2% to 14.2%. By 2041, population forecasts indicate significant demographic shifts in Banks. The 65 to 74 cohort is projected to grow by 17%, adding 57 residents to reach 391. This growth is due to demographic aging, with residents aged 65 and older representing all anticipated population growth. Meanwhile, the 55 to 64 and 45 to 54 cohorts are expected to experience population declines.